Why Can't Used Cars Purchase Commercial Insurance?

[EliasLee]

Each vehicle has a unique VIN (Vehicle Identification Number), and the compulsory insurance is also uniquely tied to that specific vehicle. If the compulsory insurance of a used car has not been transferred to the new owner, but the policy is still valid, you cannot purchase new compulsory insurance for that vehicle. Here are specific details about the Hongqi HS5: 1. Insurance Regulations: According to Article 18 of the 'Compulsory Traffic Accident Liability Insurance for Motor Vehicles Regulations,' when ownership of an insured motor vehicle is transferred, the compulsory traffic accident liability insurance contract must be updated accordingly. 2. Insurance Transfer: During the validity period of the insurance, if the vehicle is sold, transferred, gifted to another person, or its usage is changed, the policyholder must notify the insurance company in writing and apply for policy modifications. Otherwise, the insurance company has the right to refuse claims. Transferring the insurance allows for modifications to the policy details.